Stock Market News

Hotel Corp. dives on concerns about future of subsidiary

Shares in Hotel Corp plunged on Tuesday morning after the group admitted there was "uncertainty" surrounding the finances of its subsidiary, Puma Hotels.

The note of caution came as the group unveiled annual losses of £165,000 (2012: £213,000 loss) for the 12 months ended December 31st on zero revenues. The basic loss per share was 0.33p (2012: loss per share 0.43p).

Since the year-end, Puma has told the company that its banking facilities have been acquired from Irish Resolution corp. by Lone Star Funds, with which Hotel Corp is in discussions about potential options for the future.

The group itself has "adequate" financial resources and that its outlook was largely unchanged from its half-year report.

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